Sydney, 14th June 2024 – The recent Investment Trends 2024 Consumer Insurance Needs Report – General Insurance highlights significant changes in Australian consumer attitudes, and preferences towards general insurance coverage.
The report shows that 45% of Australian consumers now consider general insurance more important than before than pandemic, resulting in a re-evaluation of general insurance needs. This has been driven by increased awareness of risks and uncertainties such as property damage (35%), financial loss (28%), and personal safety (22%).
Compared to three years ago, and considering COVID, bushfires, floods during the period, how much more or less important do you think it is to have [this type of insurance] today? Among current insurance users
Copyright 2024: Investment Trends 2024 Consumer Insurance Needs Report – General Insurance
“Disasters such as the Black Summer bushfires, floods in NSW and QLD, and more recently the devasting floods in Germany and the extreme heat waves in the Philippines, have heightened the demand for general insurance cover,” said Irene Guiamatsia, Head of Research at Investment Trends. “Australians are not just looking for basic coverage; they want policies that offer better value and more comprehensive protection to safeguard their assets and livelihoods”.
The findings reveal that when selecting a general insurance provider, Australians prioritise reputable brands (42%), low premiums (37%), and existing relationships (21%). Additionally, consumers were found to value an insurer’s ability to provide a seamless online experience and efficient claims processing. Transparency, customer service, and digital engagement were also seen as essential in meeting evolving expectations.
The results indicate a significant shift in customer behaviour with 80% of general insurance policyholders indicating they are open to switching general insurance providers in the future. For that group, premiums and rewards rank far higher on the wishlist than brand does.
“In the highly contested market of general insurance, providers cannot rely on brand alone and need to carefully build value propositions that most comprehensively address the needs of the specific client groups they wish to service,” concluded Guiamatsia.
As consumer behaviour continues to evolve, driven by both global events and local realities, the insurance industry must respond with innovative, customer-centric strategies.
The findings from the Investment Trends 2024 Consumer Insurance Needs Report – General Insurance explores in forensic detail the needs and experiences of current and prospective general insurance users, across various demographic and psychographic characteristics including but not limited to: age, wealth bracket, household income, household type, multicultural background and adviser usage.
About the report
The Investment Trends 2024 Consumer Insurance - General Report provides a detailed analysis of the Consumer General Insurance industry, examining the sentiment, attitudes and needs of Australian consumers. Based on a quantitative online survey of Australian consumers conducted by Investment Trends from December 2023 to January 2024. Total number of responses after data cleaning and validation: n=5,385.
© 2024 Investment Trends. All Rights Reserved. Website by Wolf IQ.